Default Repayment Plan
Protect Yourself in Default by Making Regular Payments
Setting up a repayment plan acceptable to your federal student loan holder(s) may protect you from some of the consequences of default, like the initiation of the administrative wage garnishment process and certification to the U.S. Department of the Treasury to seize your tax refunds and government payments. Also, by establishing a repayment plan, you may become eligible for loan rehabilitation.
ECMC will work with you to find a repayment plan that you fits your situation. Making satisfactory regular payments may:
Other reasons why paying your loan(s) in full may be a good idea are:
- Stop the account from being placed with a third party collection agency
- Protect your state and federal tax refunds from being seized
- Avoid the initiation of the administrative wage garnishment process
Contact ECMC to set up a default repayment plan: